Motorists ‘changing cars more often than their phones’

UK consumers are trading their cars in more often than they are changing their mattress and phones, new data has revealed. Automotive expert Cap HPI has found the length of time motorists own their cars has dropped significantly. It is advised that mattresses should be changed every seven or eight years. However, Cap HPI’S data shows some manufacturers are now seeing vehicles returned in an average of two years, with evidence of shorter 18-month leases growing in popularity. The average phone contract lasts between 18-24 months. Philip Nothard, retail and consumer specialist at Cap HPI, said: “What we are seeing is the ‘iphonification’ of the car industry as consumers increasingly pay to drive rather than to own their vehicles. “It’s the same model as the mobile phone industry” A growing personal contract purchase (PCP) market, along with other finance options, is having a significant effect on the car industry, and is contributing to these changing consumer habits.